Gold, silver prices today: Gold rates up again to Rs 50,620, silver prices rise to Rs 56,400 amid pullback in dollar

Gold prices rose on Thursday in the domestic market during the early hours. Gold prices in India were at Rs 50,620 for 10 gram of 24-carat gold. The price for 10 grams of 22-carat gold was Rs 46,400. The silver prices were at Rs 56,400 per kg.  

Gold futures on the MCX were trading at Rs 50,095 per 10 gm. Silver futures were trading at Rs 56,281 per kg. Experts said that the bullion rally was on the back of a pullback in US dollar and US bond yields. 

On Thursday, the gold contract for October delivery was trading at Rs 49,080.00 per 10 grams on MCX, while the silver contract for December delivery was at Rs 54,580.00. 

In the international market, spot gold was down 0.3 per cent to $1,624.12 per ounce, near its two-year lows. Spot silver hit a three-week low and was last down 1.4 per cent at $18.17 per ounce. October gold futures were at $1,633.80 and December silver was at $18.23. The prices have been under pressure in the past two weeks after the US Fed increased the interest rates and the US dollar strengthened to record levels. 

Domestic prices 

In Mumbai and Kolkata, 24-carat gold is selling at Rs 50,620 per 10 grams, while 22-carat gold is trading at Rs 46,400, respectively . In Delhi, 24-carat and 22-carat gold are trading at Rs 50,780 and Rs 46,550 per 10 gm, respectively. In Chennai, 24-carat and 22-carat gold is trading at Rs 51,050 and Rs 46,800, respectively. It is to be noted that gold prices vary from city to city and depend on taxes and duties levied by the state government.  

Dull performance 

Despite the factors such as inflation at a four-decade high, the Russia-Ukraine war, tension in the China Sea, and massive money debasement (US Fed alone printing $7 trillion in the past 30 months), international gold prices have fallen 20 per cent since scaling above the key $2,000 per ounce-level in March. This is primarily due to tough US monetary tightening, which has made non-yielding gold less attractive and boosted the greenback to multi-year peaks. Benchmark US 10-year Treasury yields rose to 4 per cent for the first time since 2010. Experts feel the year 2022 might not see much improvement in the scenario until and unless interest rates stop rising.